Post-Preview Model Updates

研报英文原文证据摘录

Post-Preview Model Updates

Equity Research

Earnings Revised — July 8, 2026

Exploration & Production

Independent Refiners

Integrated Oil & Gas

Our Call Sam Margolin

We update XOM, DK, MGY, and SM models following preview disclosures and catch-up Equity Analyst | Wells Fargo Securities, LLC

Sam.Margolin@wellsfargo.com | 212-214-8496

calls. XOM's re-positioning of "timing effects" into adjustment items is not reflected in our

Emma Liangmodel until full 2Q26 release breaks out segment detail.

Associate Equity Analyst | Wells Fargo Securities, LLC

Emma.Liang@wellsfargo.com | 212-214-3322

XOM: XOM's new pre-earnings 8-K re-positions timing effects into adjusting items. Maya MacPherson

The timing effect headwinds from 1Q - which partially reversed in 2Q - will no longer be Associate Equity Analyst | Wells Fargo Securities, LLC

included in adjusted EPS. We will not restate our 1Q26 model at this stage as we await Maya.L.Macpherson@wellsfargo.com | 212-214-5324

full sub-segment operating detail at 2Q26 earnings, and our 2Q EPS estimate embeds

the timing effect reversal. We thus express annualized earnings power within the 1H26

commodity environment.

XOM: Upstream sensitivities reflected in the 8-K are consistent with our model, yielding

1H26 segment earnings of ~$15.0B. 1H26 Energy Products earnings should be ~$7.5B,

either building from the new $2.8B adjusted 1Q26 earnings or the prior ($0.5B) reported

adjusted result. We mark to market Chems segment earnings at $1.1B and Specialty

Chems segment at $900MM, in line with the 8-K. We estimate 2Q26 EPS under the prior

format of $4.46, which equates to $3.88 under the re-stated format.

DK: We expect DK 2Q26 results to be characterized by clean operations within a strong